DALLAS – August 12, 2021 – Coats Rose attorney Tim Green represented the developer in a Special Assessment Revenue Bond Issue (PID Assessment) to reimburse the developer for a 197-lot single-family residential development in Aubrey, Texas.
Coats Rose has been at the forefront of public improvement district (PID) financing. The firm was the first Houston-based law firm to serve as bond counsel on a PID financing in Texas. Since then, Coats Rose lawyers have advised clients in the creation of PIDs throughout Texas and have served as counsel to the issuing city, developer, or developer’s lender on numerous special revenue bond financings (PID Assessments).
Traditionally, public infrastructure financing for master planned communities and other residential developments is done through bonds issued by municipal utility districts (“MUDs”) and secured by unlimited ad valorem taxes levied on all the property located within the MUD. PID financing utilizes a separate annual assessment levied separately on each benefitted lot or parcel, fixed in amount over 30 years. Cities frequently prefer their infrastructure be financed through a PID rather than a traditional MUD, because PID financings offer the city more control over the financing, the assessment is fixed for a specific period of time, or because of the reduced overhead in utilizing a PID instead of a MUD.
Green specializes in public finance throughout Texas, including particularly the creation of special purpose districts to finance public infrastructure. He has been involved in the development of thousands of acres of land for residential and commercial purposes, and the issuance of over $15 billion of tax-exempt bonds for the financing of public infrastructure.
About Coats Rose, P.C.
Coats Rose is a transactional and litigation law firm focused on development: the development of real estate, special purpose districts, affordable housing, business and private wealth. We provide legal counsel to businesses, governmental entities, corporate and high-net worth clients across the U.S. and internationally. For over 30 years, the firm has leveraged its vast legal experience to fulfill clients’ needs spanning real estate law, public finance, affordable housing and community development, construction/surety law, commercial litigation, government relations, intellectual property, mergers and acquisitions, securities law, tax, wealth planning and preservation. In addition to its headquarters in Houston, Coats Rose has offices in Dallas, Austin, San Antonio, New Orleans and Cincinnati. Learn more at www.coatsrose.com.